ABSTRACT
A risk and opportunity management approach must start with the establishment of a risk and opportunity strategy. An experienced Project Executive Officer or project manager will most likely understand and evaluate project risks and opportunities quite differently from less-experienced managers. The intersection between operational, strategic and contextual risk is referred to as the Bermuda Project Risk Triangle. An evaluation of the associated risks and opportunities also requires an estimate of the impact and probability of the uncertainty. In the context of project management, risk and opportunity management is fundamentally a question of creatively identifying a project’s potential future events. Risk and opportunities are assessed differently during the planning and execution phases. An uncertainty and risk/opportunity management method must describe the approach, tools and data sources used in the project. Opportunity management is related to benefits realization. A project internal opportunity has its roots in an efficiency perspective.
